Optimal decision

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  • Behavioral Economics & Optimal Decision-Making: A Case Study

    This week’s readings on family decision-making and financial literacy offered insight into the struggles low-income households face each month to survive, much less invest or save. In particular, the volatile and unpredictable nature of working hours, predicted income, and unforeseen expenditures affect low-income individuals’ ability to draw on resources and grow assets over the course of a lifetime. By necessity, low-income and asset poor individuals are unable to accumulate wealth to build assets and focus on long-term sustainability due to their focus on current financial instability. Most lack the access to and knowledge of appropriate financial tools and tend to rely on informal borrowing tools and social networks for assistance. To illustrate, consider the…

    Words: 1073 - Pages: 4
  • Unconscious Decision Making

    Decision making refers to mental processing which leads to the selection of one choice, among several alternatives (Beach, 1993). Currently there is no consensus as to whether decision making occurs unconsciously or consciously. Dijksterhuis (2004) define conscious thought to be a mental state which surrounds awareness; while unconscious thought, a reasoning which occurs while conscious attention is allocated elsewhere (Dijksterhuis & Nordgren, 2006). The deliberation-without-attention effect…

    Words: 1639 - Pages: 7
  • Rational Decision Making Case Study

    Lesson 4 Management Exercise Making decisions, especially decisions associated with business or management, can be very stressful and time consuming. There is rarely the one perfect solution that fully satisfies all parties or elements of a problem, yet utilizing rational decision making through the six key steps can reduce manager workload, and yield the best possible decision for any number of problems. Chuck Williams writes "Decision making is the process of choosing a solution from…

    Words: 769 - Pages: 4
  • Successful Group Decision-Making Paper

    Group decision-making has become a highly complex process due to a group is made up of various people. However, gaining an effective and successful group decision is a core of a group. Therefore, understanding the components of decision-making is crucial for a group. To be specific, who is chosen to participate in group decision-making, brainstorm and indicate the dissimilar solutions, group cooperation as well as how to collect information, all of these essential parts are involved in this…

    Words: 807 - Pages: 4
  • Sea Level Rise Adaptation

    In the report, Sea Level Rise Adaptation Primer, commissioned by the British Columbia Ministry of the Environment, there are four different adaptation strategies for decision making and 21 adaptation tools, include aspects such as planning and regulating (“Sea Level Rise Adaptation”, 2013). These four adaptation strategies are: protect, accommodate, retreat, and avoid. These strategies work on protecting people, property, and infrastructure (ibid). As well as being able to continue occupation…

    Words: 718 - Pages: 3
  • Examples Of Ethical Reasoning

    sometimes be very complex situations where the decision and individual makes could have a negative effect on either party, depending on which decision you choose. I believe that every person has the intention of doing the right thing but in some cases there is not a right choice and one or both sides of the situation could have negative consequences. For example lets take four individuals in a college setting, three guys and one girl. The guy’s names are Mark, Jake, and Andrew, and the girls…

    Words: 1023 - Pages: 5
  • Life Is A Series Of Decisions Analysis

    The opening words of his book, “Life is a series of decisions” (Dr. Kent Ingle, 2013), accurately describes his view. Dr. Kent Ingle quickly denounces the idea that on should find themselves in a routine; he believes that God always opens new doors, even if they don’t seem to line up with what appeared to be the path. These doors, according to Dr. Kent Ingle, are God’s way of providing a call to adventure. With these calls, one has two options: they can say yes to the call or they can deny the…

    Words: 822 - Pages: 4
  • Reflective Essay: The Role Of Groups In Groups

    things turned out, so I felt it was odd they did not feel as free discussing it at the staff meeting with the larger group. Instead, they were agreeing with the general comments made by the other staff members during the group discussion. In a group decision making process, the group may agree on issues all…

    Words: 724 - Pages: 3
  • Case Summary: Right Vs. Right Decision-Making

    L. Badaracco, Jr. lecture, Defining Moments he asked the important question about decision-making. He asked not how to make a decision about what is right vs. what is wrong, but he asked how do you make the decision of what is right vs. right. In the application food company, the decision to pick between the two applicants is a right vs. right decision. Based on both applicants’ qualifications hiring one over the other will result in that there is no right or wrong decision, both applicants…

    Words: 1202 - Pages: 5
  • Decision Trees Case Study

    Decision Trees - Chelst Chapter 10 Exercises – Kimberly Matthews 10.1 – Sequential decisions: Present an example of a sequence of two or more decisions followed by an uncertainty. Should we open a bakery or a diner?…

    Words: 1130 - Pages: 5
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